mid-fifties, buy or rent

I'm 55 and my partner is 51. We rent our home at app.£620 per month and usually save around 1k per month and have 25k savings.I think we could afford to buy a 220k ish house at £1600 per month but I'm worried about going from being comfortably off in middle age with plenty of ready cash (after a lifetime of penury mind) to having practically no disposable income and a huge financial burden and no savings.

If you fall on hard times you will have to piss away that £25,000 before you get any help. If you own the house and go on pension credits/ income support you get to stay in your home and the government pays the interest on your mortgage.It's damn hard finding a rental if you do not work.Lots to weigh up.